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The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HHA of The Income Tax Act, 1961, (1) If the gross total income of an assessee includes any profits and gains from a small-scale industrial undertaking […]
“Income from home property” refers to any income derived from a residential property, whether it comes from a rental income or a sale of the property. In essence, under the Income Tax Act, any property, including a house, a building, an office, or a warehouse, is considered “house property.” One of the five heads of […]
The share of each owner in the property’s income as calculated in accordance with sections 22[1] to 25[2] shall be included in the owner’s total income when the property consists of buildings or buildings and lands attached thereto and is owned by two or more people, and their respective shares of the property are definite […]
Subsection (1) of Section 35CCA of the Income Tax Act, 1961 states that when an assessee incurs any expenditure by making payment of any sum:- Suppose an assessee makes payment in any of the above. In that case, he shall be allowed a deduction of the amount equal to the expenditure incurred during the previous […]
Section 34 of the Income Tax Act, 1961 lays down conditions for depreciation allowance and development rebate. Sub-sections 1 and 2 have been omitted. As per section 34 (3) (a) the deduction mentioned in Section 33 will not be permitted unless a sum equal to 75% of the development rebate that will actually be permitted […]
Section 44D of the Income Tax Act, 1961 provides for special provisions for computing income by way of royalties, etc., in the case of foreign companies. As per this section regardless of anything to the contrary in sections 28 to 44C, when an assessee is a foreign company, the deductions allowed under these sections in […]
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. (1) Before 1 April 2006, if the capital gain arises out from the transfer of a long-term asset which is being listed securities or units and the assessee invested […]
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. Section 54EE talks about the long-term capital gain exempted when invested in long-term assets. One can claim this exemption by following a few conditions. Following assets are not considered […]
(1) Any agreement between the Central Government and any person for the association or participation of the Central Government or any person authorized by it in such business (which agreement has been laid on the table of each House of Parliament) with respect to any business consisting of the prospecting for, extraction from, or production […]
Provisions relating to carry forward and set-off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc. Carry Forward of Business Loss and Unabsorbed Depreciation as per Section 72A: Section 72A allows carry forward of business loss and unabsorbed depreciation in case of: If certain requirements listed in section 72A are met, business […]